SmileDirectClub's stock opens with a thud

Shares of SmileDirectClub Inc.
SDC, +12.06%
didn't get off to a great start Thursday, as the teeth-straightening company's stock opened 10.7% below the $23 IPO price. The first trade was at $20.55 at 11:58 a.m. Eastern for 8.5 million shares. The stock has fallen further since, and was recently trading 15% below the IPO price. The decline was likely a surprise to the company and investors, as the IPO priced above the expected range of $19 to $22. The company has recorded a net loss of $52.9 million on revenue of $373.5 million in the six months ended June 30, compared with the losses of $32.8 million on revenue of $145.95 million in the same period a year ago. The company went public at a time that the Renaissance IPO ETF
IPO, -0.69%
has slipped 1.0% over the past three months while the S&P 500
SPX, -0.07%
has gained 4.7%.

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